P500-M SM City Clark project okayed

CLARK, Pampanga – After two years in the drawing board, the SM City Clark project costing P500 million will finally be constructed inside Clark Special Economic Zone (CSEZ).

Officials of Clark Development Corp. (CDC) signed here recently a lease agreement with the Premier Central Inc. (PCI) that will undertake the construction of the SM mall project in a 22-hectare area inside the ecozone.

CDC president Emmanuel Y. Angeles said Thursday that its board of directors has approved the proposal to set up another mall to boost the economic development and employment generation inside the sprawling ecozone.

The agreement was signed between Angeles and PCI president Henry Sy Jr. as full operation of the SM mall in Clark is expected within three years.

SM-Clark will be the second SM mall in the province with the earlier establishment of SM City Pampanga located in the boundaries of Mexico town and the City of San Fernando.

Under the agreement, SM will only sell tax-paid items inside the mall. PCI will only be authorized, however, to import tax-free equipment which will be solely used for the construction of the mall.

Angeles said that 16.5 hectares near Clark’s main gate are available for the initial phase of the small project and with an option of developing another 5.5 hectares. The location was selected by Sy himself during an ocular visit last year in the former US-run Clark Air Base.

The development of the SM-Clark project, according to Angeles, is in support of the economic programs of President Arroyo in generating job opportunities.

The mall project is expected to generate some 2,000 direct-hired employment and at least 10,000 indirect-hired jobs.

Angeles said the mall location near the main gate of Clark zone would best suit residents of Angeles City and its nearby communities because of its accessibility to transportation.

PCI has also committed to finance the improvement and development of the 12-hectare Bayanihan Park fronting the Clark main gate, including the construction of a new four-lane road from McArthur Highway up to the mall area and other Internet access, with an initial appropriation of P50 million.

The commitment of SM to Bayanihan Park will put in order the passenger jeepney and mini-bus terminal at the park and the same time solve funding needs of the government in developing the park.

Angeles lamented that some groups and individuals opposing the establishment of SM City Clark have not come up with alternative proposals, like the generation of thousands of employment opportunities and improvement of the Bayanihan Park.

PCI will be required to pay CDC a P10-million security deposit within 10 days from signing of the agreement in addition to advanced leased payment of P50 million chargeable against future lease payments payable also within 10 days from signing of the agreement.

SM management also pledged to extend assistance and support to Clark’s development activities, includingg community undertakings, infrastructure, agricultural and leisure projects.